AI makes surveys fun again
AI makes surveys fun again
A good idea for your startup
Trend: The survey industry is experiencing a transformative phase with the integration of AI. According to a report by Knowledge Sourcing Intelligence, the global online survey market is expected to grow at a CAGR of over 16% until 2026, reaching about $13.7B.
Investors' Bets: Surveys have become an integral part of many aspects of our lives. The issue is most of them are tedious. Trove (US), a startup that recently raised an undisclosed amount in pre-seed funding, recognised an opportunity to leverage the breakthroughs brought by large language models (LLM), to make surveys more personable and engaging.
Launched six weeks ago, Trove’s first version has attracted over 1,000 users, who are mostly small and medium-sized businesses from across the world. Several have sent surveys at least twice since. The platform has attracted a wide range of users, including a London-based spa, a K-12 school in Boston and a travel agency specialising in Latin America.
To differentiate, Trove aims to ultimately become an “experience management platform” for companies of all sizes. And unlike the form-based approach, Trove offers an interactive experience as a live conversation.
Applying conversational AI to surveys appears to be low-hanging fruit in this era of ChatGPT frenzy. Enterprise-focused survey giant Qualtrics has adopted AI across its line of customer and employee feedback products. SurveyMonkey, the go-to survey provider for SMBs, is using AI to automate the creation process.
To-Do: Embracing Trove's approach and developing a similar survey SaaS for your local market (if it's huge) might be an opportunity. It can be applied across different niches like HR, sales, or support.
If you're unsure where to start, visit an incubator's page. If you already have a project and need funding for your startup, click here for more details.
Thanks for reading
Please donate to support founderSnack. It helps the author to access paid data sources.
👍 Do you like this Newsletter?
Share it with friends. Got any questions? Leave a comment.
❤️ Upgrade to support
Your paid subscription (less than two cups of coffee) helps me to access key resources and trends to deliver more insightful ideas to you.
💬 Share your feedback
Please share your feedback. Any opinion and ideas are welcome.